Rita Odafe
George Akume
The Secretary to the Government of the Federation (SGF), George Akume, has revealed that over $1.5 billion has been allocated since 2020 to safeguard oil infrastructure and combat crude oil theft in Nigeria.
Akume shared this information during a public hearing by the House of Representatives addressing crude oil theft and losses in the country.
He underscored the persistent challenge posed by crude oil theft, noting its adverse effects on the national economy, security, and the confidence of local and international stakeholders. Akume emphasized that “Crude oil theft continues to undermine our national economy, compromise our security, and erode the trust of both local and international stakeholders.”
Referring to the 2020 oil and gas report by the Nigeria Extractive Industries Transparency Initiative (NEITI), Akume pointed out that from 2009 to 2020, an estimated 619 million barrels of crude oil valued at $46 billion were stolen.
To address this issue effectively, Akume called for a reinforcement of the legal framework to ensure severe legal repercussions for individuals involved in crude oil theft. He stressed the importance of making those engaged in such activities face the full force of the law.
The public hearing emphasized the urgent need for comprehensive strategies to safeguard Nigeria’s oil infrastructure and reduce the substantial losses caused by crude oil theft.
Akume highlighted, “Therefore, Nigeria has continually failed to meet its daily production quota as set by the Organisation of the Petroleum Exporting Countries (OPEC). This not only undermines our revenues but also hampers the provision of essential services that millions of Nigerians rely upon.”
He explained that substantial resources have been invested by the government in combating crude oil theft since 2020, surpassing $1.5 billion. These funds have been directed towards improving surveillance capabilities, securing pipelines, and bolstering the presence of law enforcement agencies in critical oil-producing regions.
He concluded, “Today, we come together not only to scrutinize the extent of oil theft and its implications but also to chart a course for comprehensive solutions that will safeguard our nation’s wealth.”
